EX-99.1 2 tm2532465d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Cango Inc. Reports Third Quarter 2025 Unaudited Financial Results

 

Dallas, Texas, December 1, 2025 - Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today announced its unaudited financial results for the third quarter ended September 30, 2025.

 

Third Quarter 2025 Financial and Operational Highlights

 

·Total revenues were US$224.6 million in the third quarter of 2025, an increase of 60.6% compared with the second quarter of 2025. Revenue from the bitcoin mining business in the third quarter of 2025 was US$220.9 million.

 

·Operating income was US$43.5 million and net income was US$37.3 million over the period. Adjusted EBITDA for the third quarter of 2025 was US$80.1 million.

 

·Average operating hashrate increased steadily from 40.91 EH/s in July to 44.85 EH/s in September and further improved to 46.09 EH/s in October, with efficiency surpassing 90%. This was primarily due to mining facility relocations, operational enhancements and miner hardware upgrades.

 

·A total of 1,930.8 BTC was mined over the third quarter, averaging 21.0 BTC per day, up 37.5% in total output and 36.0% in daily production compared with the second quarter of 2025. Average cost to mine, excluding depreciation of mining machines, was US$81,072 per BTC, with all-in costs of US$99,383 per BTC. As of the end of September 2025, the Company had mined 5,810 BTC since entering the bitcoin mining industry.

 

·The Company completed the termination of its ADR program and transitioned to a direct listing on the NYSE to optimize its capital structure, enhance corporate transparency, and align with its strategic focus.

 

Mr. Paul Yu, Chief Executive Officer of Cango, said, "This quarter marks a significant milestone. It's been one year since our strategic transformation into a bitcoin miner. During the third quarter, we remained focused on our core mining operations, further strengthening Cango's position as a scaled and operationally disciplined bitcoin miner. Today, we operate a deployed hashrate of 50 EH/s globally, positioning us among the leading miners worldwide. In the third quarter, we mined 1,930.8 BTC, with an average daily production of 21.0 BTC.

 

"While consolidating our core business, we also clarified our long-term strategy: building a global, distributed AI compute network powered by green energy. We view bitcoin mining as the practical on-ramp toward our energy and compute ambitions, following the sequence of 'from bitcoin mining to energy access, and from operational depth to AI compute deployment.' In the third quarter, we executed our phased roadmap with strict financial discipline, launching small-scale pilots with clear technical and IRR thresholds across both energy and AI compute. Our energy projects in Oman and Indonesia are now underway and are expected to be commissioned within the next one to two years, providing strategic support for subsequent AI infrastructure development. In the near term, we will continue to closely monitor market dynamics, manage our deployed output, and explore partnership models to mitigate market risks and enhance operating stability."

 

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Mr. Michael Zhang, Chief Financial Officer of Cango, stated, "This was a standout quarter. Total revenues in the third quarter of 2025 were US$224.6 million, up 60.6% compared with the second quarter of 2025. We recorded operating income of US$43.5 million and a net income of US$37.3 million in the third quarter of 2025. As of September 30, 2025, we had cash and cash equivalents of US$44.9 million. Going forward, we believe our balance sheet strength allows for a healthy and sustainable AI transition, enabling us to scale according to the compute roadmap we presented."

 


Roadmap Forward

 

With the AI pilot projects underway, the Company's roadmap going forward now has greater granularity and will be executed in three sequential phases.

 

·Near term: Enter the market with GPU computing power leasing, focusing on rapid node deployment and model validation. The company will serve compute platforms and AI startups with an asset-light, pure-play connectivity model that handles no customer data or apps, builds trust, and supports rapid scaling.

 

·Medium term: Evolve into a regional AI compute network by establishing self-operated data center hubs that offer greater control over energy and infrastructure. Cango will transition from selling raw compute to offering stable, low-latency inference services under mid- to long-term contracts that target mid-sized technology firms and regional leaders to build service moats.

 

·Long term: Build a global, distributed AI compute grid powered by green energy, integrating multiple hubs and edge nodes for seamless, scalable capacity. The model will offer multi-year capacity contracts with elastic compute options, positioning Cango as a utility-like provider of AI compute for multinationals and large-scale AI applications.

 

Third Quarter 2025 Financial Results from Continuing Operations

 

REVENUES

 

Total revenues were US$224.6 million in the third quarter of 2025. Revenue from the bitcoin mining business was US$220.9 million, with a total of 1,930.8 BTC mined in the third quarter of 2025. Revenue from international automobile trading income was US$3.3 million in the third quarter of 2025.

 

OPERATING COSTS AND EXPENSES

 

Total operating costs and expenses in the third quarter of 2025 were US$181.2 million. These costs were primarily associated with the Company's bitcoin mining business.

 

·Cost of revenue (exclusive of depreciation shown below) in the third quarter of 2025 was US$162.6 million.

 

·Cost of revenue (depreciation) in the third quarter of 2025 was US$35.4 million.

 

·General and administrative expenses in the third quarter of 2025 were US$6.0 million.

 

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INCOME FROM OPERATIONS

 

Income from operations in the third quarter of 2025 was US$43.5 million, compared with an operating loss of US$1.2 million in the same period of 2024.

 

NET INCOME

 

Net income in the third quarter of 2025 was US$37.3 million, compared with a net income of US$9.5 million in the same period of 2024.

 

ADJUSTED EBITDA

 

Adjusted EBITDA in the third quarter of 2025 was US$80.1 million compared with US$1.2 million in the same period of 2024.

 

BALANCE SHEETS

 

As of September 30, 2025, the Company held:

 

·Cash and cash equivalents of US$44.9 million.

 

·Receivable for bitcoin collateral non-current, net - related party of US$660.0 million.

 

·Mining machines, net of US$365.7 million.

 

·Long-term debts - related party of US$405.1 million.

 

Reporting Currency

 

The Company has changed the reporting currency of its consolidated financial statements from Renminbi to U.S. dollars, reflecting the U.S dollar–denominated profile of its revenues and profit following the divestiture of its China-based business in May 2025. This change is effective from the third quarter of 2025, with all comparative figures recast to U.S. dollars.

 

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Conference Call Information

 

The Company's management will hold a conference call on Monday, December 1, 2025, at 8:00 P.M.  Eastern Time or Tuesday, December 2, 2025, at 9:00 A.M Hong Kong Time to discuss the financial results. Listeners may access the call by dialing the following numbers:

 

International: +1-412-902-4272
United States Toll Free: +1-888-346-8982
Mainland China Toll Free: 4001-201-203
Hong Kong, China Toll Free: 800-905-945
Conference ID: Cango Inc.

 

The replay will be accessible through December 8, 2025, by dialing the following numbers:  

 

International: +1-412-317-0088
United States Toll Free: + 1-855-669-9658
Access Code: 4785049

 

A live and archived webcast of the conference call will also be available at the Company's investor relations website at http://ir.cangoonline.com.

 

About Cango Inc.

 

Cango Inc. (NYSE: CANG) is primarily engaged in the bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology, the growing adoption of digital assets, and its commitment to diversifying its business portfolio. In parallel, Cango continues to operate an online international used car export business through AutoCango.com, making it easier for global customers to access high-quality vehicle inventory from China. For more information, please visit: www.cangoonline.com.

 

Use of Non-GAAP Financial Measure

 

As part of our review of business performance, we present adjusted EBITDA as Non-GAAP financial measure to help assess our core operating results. Adjusted EBITDA is defined as net income or loss before interest, taxes, depreciation, and amortization, impairment, results from discontinued operations and further excludes share-based compensation expenses and other non-operating income and expenses. We believe Adjusted EBITDA can be an important financial measure because it allows management, investors, and our board of directors to evaluate and compare our operating results, including our return on capital and operating efficiency from period-to-period by making such adjustments.

 

While adjusted EBITDA is not a measure defined under U.S. GAAP, management uses it to evaluate performance, make strategic decisions, and set operating plans. Management believes it also helps investors gain a clearer understanding of our underlying performance by excluding certain costs and expenses that management believes are not indicative of its core operating results. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP.

 

The Company compensates for these limitations by reconciling the Non-GAAP financial measure to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company's performance. The Company encourages you to review its financial information in its entirety and not rely on a single financial measure.

 

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Reconciliations of Cango's Non-GAAP financial measure to the most comparable U.S. GAAP measure are included at the end of this press release.

 

Safe Harbor Statement

 

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the "Roadmap Forward" section and quotations from management in this announcement, contain forward-looking statements. Cango may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Cango's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Cango's goal and strategies; Cango's expansion plans; Cango's future business development, financial condition and results of operations; Cango's expectations regarding demand for, and market acceptance of, its solutions and services; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Cango's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Cango does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

 

Investor Relations Contact

 

Juliet Ye, Head of Communications

Cango Inc.

Email: ir@cangoonline.com

 

Christensen Advisory

Tel: +852 2117 0861

Email: cango@christensencomms.com

 

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CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in US dollar ("US$"), except for number of shares and per share data）

 

   As of December 31, 2024   As of September 30, 2025 
   US$   US$ 
ASSETS:          
Current assets:          
Cash and cash equivalents   90,431,392    44,897,802 
Crypto currency   -    41,838 
Short-term investments, net   40,051,450    - 
Accounts receivable, net   1,645,518    2,903,220 
Prepayments and other current assets, net   26,966,209    127,265,543 
Prepayments and other current assets, net - related parties   -    114,184,887 
Receivable for bitcoin collateral - current, net - related party   84,536,567    - 
Current assets of discontinued operations   230,113,402    - 
Total current assets   473,744,538    289,293,290 
           
Non-current assets:          
Mining machines, net   242,806,713    365,676,067 
Property and equipment, net   65,460    19,197,894 
Intangible assets, net   -    297,731 
Deferred tax assets   -    624,031 
Operating lease right-of-use assets, net   184,381    2,250,166 
Receivable for bitcoin collateral - non-current, net - related party   -    660,045,300 
Other non-current assets, net   44,621,402    - 
Non-current assets of discontinued operations   56,357,205    - 
Total non-current assets   344,035,161    1,048,091,189 
TOTAL ASSETS   817,779,699    1,337,384,479 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities:          
Short-term debts - related party   17,067,978    - 
Accrued expenses and other current liabilities   170,990,519    155,876,879 
Accrued expenses and other current liabilities - related parties   -    3,238,821 
Income tax payable   48,609,811    82,331,907 
Short-term lease liabilities   180,236    494,271 
Current liabilities of discontinued operations   20,517,367    - 
Total current liabilities   257,365,911    241,941,878 
           
Non-current liabilities:          
Long-term debts - related party   -    405,132,591 
Deferred tax liability   1    1 
Long-term operating lease liabilities   -    1,854,280 
Non-current liabilities of discontinued operations   6,546,889    - 
Total non-current liabilities   6,546,890    406,986,872 
Total liabilities   263,912,801    648,928,750 
           
Shareholders’ equity          
Ordinary shares   29,504    44,171 
Treasury shares   (111,567,030)   (110,006,201)
Additional paid-in capital   728,564,614    1,142,250,191 
Accumulated other comprehensive loss   (49,574,973)   - 
Accumulated deficit   (13,585,217)   (343,832,432)
Total Cango Inc.’s  equity   553,866,898    688,455,729 
Total shareholders' equity   553,866,898    688,455,729 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   817,779,699    1,337,384,479 

 

 

 

 

CANGO INC.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
(Amounts in US dollar (“US$”), except for number of shares and per share data)

 

   Three months ended September 30,   Nine months ended September 30, 
   2024   2025   2024   2025 
   US$   US$   US$   US$ 
Revenues   -    224,635,729    -    508,626,360 
Bitcoin mining income   -    220,863,310    -    503,133,291 
International automobile trading income   -    3,280,773    -    5,001,423 
Others   -    491,646    -    491,646 
Operating cost and expenses:                    
Cost of revenue  (exclusive of depreciation shown below)   -    159,383,806    -    384,831,791 
Cost of revenue  (exclusive of depreciation shown below) - related parties   -    3,188,925         3,188,925 
Cost of revenue  (depreciation)   -    35,356,473    -    78,550,799 
General and administrative   1,222,709    5,994,066    4,426,314    19,008,822 
Provision for credit losses   -    471,861    -    1,681,320 
Impairment loss from mining machines   -    -    -    256,856,570 
Gain from changes in fair value of receivable for bitcoin collateral   -    (23,234,260)   -    (74,949,636)
Total operation cost and expense   1,222,709    181,160,871    4,426,314    669,168,591 
                     
(Loss) income from operations   (1,222,709)   43,474,858    (4,426,314)   (160,542,231)
Interest income   2,066,213    972,710    6,361,881    1,963,883 
Interest expense - related party   -    (7,376,591)   -    (10,740,197)
Foreign exchange loss, net   -    (122,597)   -    (130,585)
Other income   229,464    1,978,466    395,915    2,205,459 
Other expenses   -    (5,344)   -    (83,439)
Net income (loss) before income taxes   1,072,968    38,921,502    2,331,482    (167,327,110)
Income tax expenses   -    (1,601,562)   -    (451,087)
Net income (loss) from continuing operations   1,072,968    37,319,940    2,331,482    (167,778,197)
                     
Discontinued operations:                    
Income (Loss) from discontinued operations   8,004,120    -    31,736,855    (129,822,040)
Income tax benefit (expense)   447,395    -    (160,095)   (32,646,978)
Net income (loss) from discontinued operations   8,451,515    -    31,576,760    (162,469,018)
                     
Net income (loss) attributable to Cango Inc.’s shareholders   9,524,483    37,319,940    33,908,242    (330,247,215)
Earnings (losses) per ordinary share:                    
Basic                    
Discontinued operations   0.04    -    0.15    (0.62)
Continuing operations   0.01    0.11    0.01    (0.65)
Basic   0.05    0.11    0.16    (1.27)
Diluted   -    -    -    - 
Discontinued operations   0.04    -    0.14    (0.62)
Continuing operations   -    0.10    0.01    (0.65)
Diluted   0.04    0.10    0.15    (1.27)
Weighted average shares used to compute earnings (losses) per ordinary share:                    
Basic   206,973,996    354,492,530    208,693,418    259,254,322 
Diluted   227,823,258    383,939,436    225,706,030    259,254,322 
                     
Other comprehensive income, net of tax                    
Release accumulated other comprehensive loss   -    -    -    44,270,340 
Foreign currency translation adjustment   14,789,288    -    5,672,346    5,304,633 
                     
Total comprehensive income (loss)   24,313,771    37,319,940    39,580,588    (280,672,242)
Total comprehensive income (loss) attributable to Cango Inc.’s shareholders   24,313,771    37,319,940    39,580,588    (280,672,242)

 

 

 

 

CANGO INC.
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(Amounts in US dollar ("US$"), except for number of shares and per share data

 

   Three months ended September 30,   Nine months ended September 30, 
   2024   2025   2024   2025 
   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited) 
   US$   US$   US$   US$ 
Net income (loss)   9,524,483    37,319,940    33,908,242    (330,247,215)
Less: Discontinued operations:                    
           Income (Loss) from discontinued operations   8,004,120    -    31,736,855    (129,822,040)
           Income tax benefit (expense)   447,395    -    (160,095)   (32,646,978)
           Net income (loss) from discontinued operations   8,451,515    -    31,576,760    (162,469,018)
Net income (loss) from continuing operations   1,072,968    37,319,940    2,331,482    (167,778,197)
                     
Add: Interest expense   -    7,376,591    -    10,740,197 
Add: Income tax benefit   -    1,601,562    -    451,087 
Add: Depreciation and amortization   84    35,679,472    791    78,880,671 
Cost of revenue   -    35,676,840    -    78,871,166 
General and administrative   84    2,632    791    9,505 
                     
Add: Impairment loss from mining machines   -    -    -    256,856,570 
Add: Other expenses   -    5,344    -    83,439 
Less: Other income   229,464    1,978,466    395,915    2,205,459 
                     
Add: Share-based compensation expenses   362,383    122,081    1,441,495    3,819,943 
General and administrative   362,383    122,081    1,441,495    3,819,943 
                     
Non-GAAP adjusted EBITDA   1,205,971    80,126,524    3,377,853    180,848,251 
Non-GAAP adjusted EBITDA attributable to Cango Inc.’s shareholders   1,205,971    80,126,524    3,377,853    180,848,251